Paylocity Holding(US:PCTY)2025-06-24 14:49Financial Performance & Growth - Total revenue has grown significantly over the past few years, from $853 million in FY22 to $1,583 million in FY25 (guidance)[9] - Adjusted EBITDA has also increased substantially, from $238 million in FY22 to $573 million in FY25 (guidance)[9] - The company targets long-term adjusted EBITDA margins of 35-40% and free cash flow margins of 20-25%[58] - Free cash flow has increased from $87 million in FY21 to $306 million in FY24[64] - Recurring and other revenue has grown consistently, reaching $1,463 million in FY25 (guidance), representing a 14% year-over-year growth[56] Market & Strategy - The company estimates a realized HCM total addressable market (TAM) of approximately $19.5 billion[12] - The company has penetrated approximately 3% of its addressable market[13] - The company focuses on a target market of roughly 1.3 million businesses with 10-5,000 employees[19] - Over 25% of new client revenue comes from referrals from channels[45] - The company maintains a net revenue retention rate of over 92%[51, 52]